CHICAGO, March 31 Bally Total Fitness Holding Corporation("Bally") today announced that it has commenced the process to make an initialcash distribution to former stockholders, in accordance with the terms ofBally's confirmed chapter 11 plan (the "Plan"). The initial cash distributionis $.31 per share of Old Common Stock (as defined in the Plan).
Approximately $3.5 million has been reserved by Bally's disbursing agent,pending disallowance of certain outstanding claims that were filed in Bally'schapter 11 case. These reserved funds may fund a second distribution toholders of Old Common Stock, but such a distribution is subject tosatisfactory resolution of the outstanding claims.
About Bally Total Fitness
Bally Total Fitness is among the largest commercial operators of fitnesscenters in the U.S., with over 375 facilities located in 26 states, Mexico,Korea, China and the Caribbean under the Bally Total Fitness(R) and BallySports Clubs(R) brands. Bally offers a unique platform for distribution of awide range of products and services targeted to active, fitness-consciousadult consumers.
SOURCE Bally Total Fitness Holding Corporation